Business development concerns services that improve the performance of the enterprise, its access to markets, and its ability to compete. In the FinTech sector, it is essential to have relevant connections that will allow your business to grow. Be it partnering with principal members to act as a payment facilitator (PayFac) or starting your co-brand card program, the opening of an operational and safeguarding account with credit institutions, or looking for other financial institution to launch your cash remittance program. The underlying rationale of employing business development professionals is to help the business grow by the means of necessary connections. PSP Lab offers accessible FinTech business development service aimed at expansion of relevant connections.
As Isaac Newton has said, “If I have seen further, it is by standing on the shoulders of giants.” This quote applies perfectly to any business development, especially in the field of FinTech. It is very easy to make a mistake and run into financial losses if the wrong partner/service provider is chosen. One can prosper only with the employment of knowledge and assistance of prominent market players and PSP Lab can help you and open necessary doors.
Business development service for FinTech
If you are a FinTech start-up that is looking for expanding your network of partners it is necessary to find proper connections that will allow your company to grow in accordance with your business development plan. Each financial institution has its own risk acceptance level and different restrictions on the industries with which they work. Therefore, it is essential from the onset to find those that will have a similar understanding of the sectors that are acceptable and those which are not. For instance, some institutions may be willing to work with the businesses engaged in online gaming, while others will see it as high risk and won’t be accustomed to working with such. Knowing such differences are essential in order to successfully develop your business while minimising the headache of reporting to your partners regarding each client/transaction. PSP Lab can advise you on the types of industries that are acceptable for particular financial institutions and help to build an amicable relationship based on mutual understanding and trust from the onset.
The types of industries with which companies work is not the sole factor that guides choosing the correct partner. For the successful development of your FinTech business, you must consider a variety of circumstances. For instance, another important factor is the creditworthiness of the partner and the possibility of developing a long-lasting business together. Notably, not all information on the good-standing of the companies is readily available and there is a prerequisite of obtaining industry insights that allow seeing a full picture. PSP Lab has many connections in the field and knows insights that we willingly share with our clients in order to help them avoid difficulties while developing their FinTech business. Furthermore, we can guide you through the negotiation process in order to obtain the best deal possible.
Memberships in the associations representing FinTech industry
FinTech business development concerns not only the establishment of the framework of partner financial institutions that assist in the execution of day-to-day operations. It also relates to the establishment of connections with the specific associations that are hosting events and providing industry insights. For instance, each industry professional knows about Innovate Finance which is the independent industry body that represents and advances the global FinTech community in the UK. As well, everyone is well accustomed to the City of London Corporation, but not that many professionals know about all of the initiatives that they have which are concerned with growing the UK’s FinTech sector. These prominent associations are just some examples, there is a variety of smaller players that host events and provide assistance to the FinTech businesses. PSP Lab can help you to expand your connections and access in-house information that is not available for outsiders by introducing you to the correct people in the industry.
Helping to shape brand awareness
A recognisable brand is one of the main assets that a well-established company has. Unfortunately, many FinTech start-ups or even established market players can become so shortsighted while looking to measure brand awareness (e.g., impressions and engagement in social channels, public relations placements, news articles, etc.), that they will miss the larger point of customer engagement. The lastly mentioned point can be remedied if properly building the brand awareness from the beginning in accordance with the predetermined business development plan.
PSP Lab can assist companies with FinTech business development and the establishment of their brand in a structured manner. We have the required connections which are specialised in the building of brand awareness, people in news agencies, user experience professionals. Brand awareness is more than solely a number of times that the name of your FinTech business is mentioned somewhere in the media. It is also about whether people remember your company for the right reasons such as an unforgettable experience which they get while interacting.
How PSP Lab can help in FinTech business development?
Thanks to many years of professional experience in the financial service sector PSP Lab acquired various connections that are of essence for the establishment and growth of a successful FinTech business. During the collaboration with the clients, we share our connections and insights and help them to establish and maintain an amicable relationship whilst pursuing any kind of project. We can help both start-ups and established companies to develop their networks of partners and colleagues further. Reach out to us in order to ascertain how PSP Lab can assist you with business development.
Looking for more than simply obtaining connections in the FinTech sector and wish to develop your business by employing independent consultant for a specific project or strategic improvement of performance? Learn more about how PSP Lab can assist you by providing management consulting service.